Quote from: franky1 on December 20, 2014, 01:13:37 PM

Quote from: princesultan1 on December 20, 2014, 12:47:38 PM

I'd love to know how we can get accounting in the blockchain. Like, how could you possibly get business transactions into the blockchain?

if your supplier accepts bitcoin for the products, your staff accept bitcoin for salaries and customer buy the products with bitcoin, then it can be very easy to:
link supplier expenses to a bitcoin address just by showing the address you paid them
link employee expenses to a bitcoin address just by showing the address you paid them
link customer spending to a bitcoin address just by showing the address that hoards the incomes from customer transactions.

unlike current accounting systems where people not only need to make spreadsheets and then keep receipts and invoices for 5+ years. if every transaction was bitcoin related you simply store a spreadsheet of addresses

And each business/sidechain doesn't necessarily need to be public-facing, just admins, accounts, etc., where the IRS, et al., can peek to make sure they got their share. Too tire to go into greater/better detail, but the I easily envision an accounting system working for all those involved.